IRON ORE DAILY: Vale lowers target, seaborne prices rise, 65/62% spread widens

Seaborne iron ore prices increased on Tuesday October 22 after Vale lowered its sales expectation, while the spread between 65% and 62% Fe indices continued to widen.

Fastmarkets iron ore indices 62% Fe fines, cfr Qingdao: $86.68 per tonne, up $1.28 per tonne. 62% Fe Pilbara Blend fines, cfr Qingdao: $86.33 per tonne, up $1.28 per tonne. 62% Fe low-alumina fines, cfr Qingdao: $85.27 per tonne, up $1.03 per tonne. 58% Fe fines high-premium, cfr Qingdao: $76.37 per tonne, up $1.12 per tonne. 65% Fe Brazil-origin fines, cfr Qingdao: $95 per tonne, up $1.40 per tonne. 62% Fe fines, fot Qingdao: 676 yuan per wet metric tonne (implied 62% Fe China Port Price, $87.59 per dry tonne), down 9 yuan per wet metric tonne. Key drivers Vale has temporarily suspended activities at its Itabiruçu tailings dam, located at the Itabira mining complex, estimating an iron ore output impact of 1.2 million tonnes for this year. The Brazilian miner expects its iron ore and pellet sales to fall between the lower and midpoint of the unchanged guidance range of 307-332 million tonnes, compared with an earlier...

Published

July Zhang

Alex Theo

October 22, 2019

14:00 GMT

Shanghai, Singapore